Global Car Rental Market Report by Global Demand Analysis

Car Rental Market Segmentation by Vehicle Type, Channel,
Purpose, Usage and Region Outlook- 2019–2024

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Car Rental Market

The global car rental market was valued at $78.7 billion in 2018, which is projected to reach $122.6 billion by 2024,
progressing at a CAGR of 7.9% during the forecast period (2019–2024). Among the various vehicle categories operating in
car rental market, economy cars held the largest market share during the historical period.

Historically, the market witnessed the fastest growth in the category of luxury cars, mainly driven by the increased usage
of luxury cars by business professionals.

The deployment of electric vehicles in the car rental fleet is a rising trend worldwide, in the car rental market. Various
major players are adding fleet of electric cars in their rental services as a result of regulations and policies related to
sustainable mobility notified by government in various countries. For example, Zoomcar India Pvt Ltd., in 2018, partnered
with Mahindra & Mahindra Ltd. to deploy electric cars in its rental fleet in India.

The car rental market is driven by its convenient mobility feature. Renting a car allows individuals to enjoy the facilities of
owning a personal vehicle, without having the need to actually own it. Additionally, owning a private car demands a high
investment, which mainly comprises the vehicle cost, fuel cost, parking expenses, maintenance charges, and insurance
cost. This is acting as strong growth factor for the car rental market globally.

P&S Intelligence

Car Rental Market

Segmentation Analysis of Car Rental Market
1. The market is witnessing the fastest growth in demand for luxury segment, due to sustainable economic

development and increased usage of luxury cars in business trips by the corporates globally.
2. Online was the preferred mode of channel globally, for booking cars on rent. It is due to the convenience provided

by online system in booking a car on rent, coupled with transparent pricing, and 24-hour booking facility.
3. Globally, the car rental market generated more revenues from personal usage than business purpose. This is led by

the growing expenditure on tours and travels by people, due to increased disposable income. People nowadays
prefer to rent a car while travelling or going on a tour, which makes personal usage the larger revenue contributor
in the car rental market.
4. The car rental market witnessed fastest growth from airport travelling, which is mainly attributed to increased
usage of car rental services during frequent international tours by business professionals.

P&S Intelligence

Car Rental Market

Some of the other major players operating in the car rental market are Uber Technologies Inc., ECOS India
Mobility & Hospitality Pvt. Ltd., ANI Technologies Pvt. Ltd., Beijing Xiaoju Technology Co. Ltd. (Didi Chuxing), and
Carzonrent India Pvt. Ltd.

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